2025-04-05-accounts

The Worshipful Company of Butchers Education Charities Annual Report and Unaudited Accounts 5 April 2025 Charity Registration Number 297603 (England and Wales)

Contents Page Legal and administrative inforniation Trusteas, Report Indopendont Examiner'5 Report S&thment of Financial Activities Balance Sheet Notes to the Accounts 10-16 TheWor5hlpfvl Company of B￿CherS Eduodon Charlttes

Legal and Adminfstrative Information Trustee5 Mastèr, Wardens and Court ofthe Art or Mi5tery of Butchers of the fity of London Members ofthe Cpurt Jason Aldts5 Peter Alten John Allton Jones (Masterto 12 SePteM￿r 2025) Mike Attwood David Baker (Resigned 12 September 20241 Andrew Berisford (Appointed 11 September 20251 Marga￿t Boana5 William Buchanan Amanda Buitela8r Steve Chlck Jim Connell Paul Dolan Tim Dumenil (Reslgned 11 September 20251 Gwyn Howells Imastsrfrom 11 September 2025) Andrew Parker Stuart Roberts Anthony Stanton Timothy Stone Bill Thurston Paul Willington (Appointed 11 September 2025) Mark Winston (Appointed 12 September 20241 Chri5tctpher Wood Peter Wood Peter Wright (Resigned 11 September 20251 Registered/ Principal office Worshipful Company of Butchèr5 Butchers. Hall 87 Bartholomew Close London ECIA7EB relÈphone Fax number E-mall 020 39318350 020 7606 4108 cler butchershall.com Charlty reglstratlon numbEr 297603 IEn8land and Wales) Independent Examlner Caroline Brauer SKS Cansdale5 St Marfs Court The 8madway Old Amersham 8urk$ HP7 OUT Theworshlpful Company of Butchers Education Charfties

Bankers CAF Bank Umit@d 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ I￿eStment advlsers Rathbones Investment Management 30 Gresham street London EC2V 7QN The Worthipful Company of Butchors Educatton Charltie$

Trustees, Report 5 Aprll 2025 The trustees have pleasure in presenting their annual ￿port and the actDunts whlth represent the activitie5 of the Charity for the year ended 5 April 2025. These have been prepared In accordan￿ with Accounting and Reporting by Charities: Ststement of Recommended Prdctice applicable to charlttes preparlng their accounts In accordance with the Financlal Reporting Standard appllcable In the UK and Republie of Iretand (FRS 102). Structure, Governance and Management Legal Status The Worshlpful Comparry of Butchers General Charities fund was established on 2 January 1969 by The Master, Wardens and Commonalty of the Art or Mistery of Butchers of the Qty of London to support charitable purposes anywhere in the world. The Charity incorporated the Lonsdale Memorial Fund and the Institute of Meat Educational Foundation, whose funds were uttlised to support educational activities within the meat and assoclated trades. The Educational Funds were derived from donations frDm liverymen Including legacles from the late liverymen George Lonsdale and Past Master Ernest Gunner. In addition, the Funds benefited in 1994 from the transfer of the charltable funds from The Institute of MeaL The haritys reglstered number was 257928. Under a Scheme of the Charity Commissioners dated 21 April 1999, the Educational Fund of the Worshipful Company of 8utchers General Charities was transferred to the Charity with effect from 6 April 1999. By a deed dated 3 De￿rnber 1998 The Ilse and Michael Katz Trust, whlch wa5 establlshed on 3 September 1987, was renamed The Worshipful Company of Butchers Education Charity. In February 2007 a transfer of funds made fmm the Gary Baker Edueatlon Trust This donatjon is an expendable endowment and income arising Is available forthe general purposes of the Charity and the award ofa special prize In honour of the memory of Gary Baker. Governance The trustees of the Charity are the Master, Warden5 and Asslstants of the Court of the Worshipful Company of Butchers. The Charity and Education Committee. comprising of a Warden as the Chairman and selected Court members. as well as co-opted liverymen ensure that there Is a strategy and a five-year plan and that it Is executed correctlyi seeking approval from Court for key decislons. The day-to-dayadministration of the Charity is undertaken by the Worshipful Company of Butchers. Committee members are recruitsd from among the Uvery of the Worshipful Company of Butchers. Membership rotates every September although a number of Liverymen remain on the committees for a number of year5 in order to provide continuity. The Chairman normally remains in p05t for two year5. At the first meeting of each committee, the Clerk brief5 all of the new members on their responsibllities and gives each new member a copy of the governing scheme and the latest report and accounts. There are normally four meetings a year. The charit(5 investments are mana8ed through the Charity Committee of The Worshipfvl Company of Butchers which meets four times a year. The Charlty Commlttee has appointed Rathbones as their investment manager. working to an advisory mandate. The Woishipful Company of Butthers Educatksn Charities

Rlsk Management The trustee5 are 5atfsfied that the current levets of Internal financial controls mitlgate the rssk of error and fraud. Consideration of investment rrsks was included in the tender process for an investment manager. The wlder concepts of Strategic and buslness risk were considered during the fin4ncral year and have been reported. The trustees alm to continue monitorlng risk ."&s an ongoing proce$5 that is part of the normal dally management of the Charity. It 15 felt thptht thls method is proportionate to the levels of income and expenditure typical of this Charity. Objectives and activlttes The charity was established to promote, advance 3nd sUPPOrt the education and training of petsons engaged or about to be engaged in the end-to-end meat industry in the United Ingdom. The Charltie5 Vision Is: 'To Inspire all in our industry to learn and grow, from apprentices to directors and de¢islon- makers. To encourage education opportunities for all levels of the industry and to ensure the provision of meaningful professlonal ￿COgnItion. To position the Worshipful Company of 8btchers wlth a stronger role in encouragement and facilltation of education at all levets of the Industry and in all parts of the meat chain, There are six objectlves which are.. To ensure that the CompanV5 raises It5 profile and increases Its influence in the area of industry education. To make the best use of the Education Charivs annual budget, avoldlng dupllcatlon but exploiting Synergies with other bodie5. To work more closely as a facilitator with other meat industry bodies engaged in education and tralnlng. This includes the possibilty of worktng with Ofqual, who are taking over the important role of External Quality Assurance for all apprenticeship5 Qther than degrees. We have applied to provide Ofqual with the industry expertise they need for meat apprenticeships. To provlde the refurbished Butchers, Hall as a meeting point and venue for meat educatton actlvltles. To e5tabllsh measurable standards for the effethve monltoring and evaluation of all its activities. To work with the campaign to Include food Industry quallficatlons in the Lrfetlme Skllls Guorantee. All the food liveries In the pan-livery food group are supporttng the campaign started by the Food and Drink Training and Educatlon Couneil {ftc}. Public Benefft The trustees have taken due conslderation of the Charity Cornm1￿10n guidance on Publlc Benefit in reviewing the aiarivs activities. The Worshlpful Compary of Butthers Education Charl¥e5

Achievements and Performance Grdnt makin£ pollcy and grants made The Charity awards educational grant5, awards and prizes to further Its charitsble objectives. The Charity made payments totalling £22,648 {2024: £17,749) to promote, advance and SUPPOrttrainin8 and edU￿tiOn in or about the meat industry. 2025 2024 HarperAdams Universlty MeatTrainlng Bursarles In5t(tute of Meat Prize Giving UverSchools Link Gary Baker Award Prize 8,301 9,427 5.100 250 125 1,000 9,426 13.222 22.648 1,000 15,777 1,9n 17,749 Jpport Costs nancial Review The Charity had totsl income of £4S.923 12024: £38,777) and total expenditure of £23,995 12024.. £23,3151. After Investment105s of £18,00412024.' Eain of £63,140) net expendlture was £3,924 (2024.. net expendlture of £78,602). Reserve5 and InvÈ5tment Policv Considering the limited scope for fundraising. the trustees consider that the reserve5 are not excesslve. The assets In the general and restricted funds are adequate to fulfil the obligations of the charity and are reallsable at short notice. There is the opportunlty t0 5UPPOrt specific education projects by requesting funds from the Butcherg General Charities. The Investment manager is employed on an advisory basls, working wlthin the temis contained withln the standard terms of Investment approved by the trustees during the year. All investments are quoted on the London Stock Exchange. All investments have been acqulred In accordan￿ with the statutory powers available to the trustees. The maln Investrnent objective and the risk tolerance of the investment policy approved by the Court are: To achieve a total real return over a five-year period to preserve the permanent endowment in real temis whilst sustslnlng a spending rats of 3% of the total asset value per annum. To maintain an overall toLIl risk level that redu￿5 to 3n acceptable level the likellhood of the portFoli05 totsl return being exhausted under any likely five-year market fall whilst allowing the charity tc 5UPPOrt Its spending comrnitments over this period. At 5 April 2025 there were totsl resrns of £881,414 {2024: £877,490), Includlng £58,880 {2024: £58,880) of endowment funds and £1.831 12024: £L831) of restrirted funds. Free reserves were £820,70312024: £816.779). Theworshlpful Company of Butchers Education Charitlo5

ststement ol Trust@e< Responsiblllties The trustees are ￿sponSible for preparing the annual report and a¢counts in accordance with applicable law and United iQngdom Accountin8Standards {Unltsd Kingdom Generally Accepted Practice). Charity law requires the trustees to prepare accounts fLir each financial year which gNe a true and falr view of the charity's income and expenditure during the year and of its state of affair5 at the end of the year. In preparing those accounts, the trustees a￿ required to; Select suitable accounting pollcies and then apply them consistentlyi Observe the methods and principle5 ni Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021,. Make judgements and e5trmates that are reasonable and prudent; State whether applicable United Kingdom Accounting Stsndards have been followe sublett to any materlal departures disclosed and explained in the accounts; and Prepare the accounts on the going concern basis unless it Is inappropriate to presume that the charlty will continue in operation. The trustees are responsible for keeping proper accounting records that are sufficlent to show and explain the tharitV'S transactions and disclose wlth reasonable accuracy at any time the financial posltlon of the charity and enable them to ensure that the accounts comply with the Chartties Act 2011. appllcable Charity (Accounts and Reportsl Regulations and the provisions of the charitfs constitution. They are also responsible for safeguardlng the charity s assets and hence for taking reasonable steps for the preventton and detection of fraud and breaches of law and regulations. Approved by the trustees and slgned on thelr behalf by Chalrman of arities Committe Approved by the trustees on The Worshlpful Companyof Butthers Erfu¢atton Charlties

Independent Examiner's Report 5 April 2025 Indepondent examinerts reportto the trusteos of The Worshlpful Comparry of Butchers Educatlon Charlty I report to the charity trustees on my examination of the accounts of the charlty for the year ended 5 April 2025. Responsibllftles and Basls of Report A5 the trustees of the thartty. you are reJponsible for the prepaTaifon of the accounts in accordance with the requirement5 of the Charities Act 20111'the Act.). I report in respect of my examination of the charl￿S accounts carried out under section 145 of the 2011 Art and in carryin8 Out my examination I have followed all the applicable Directions given by the Charlty Comm5ssion under section 14515llbl of the ACL Independent Examlner'5 Ststement I have completed myexamination. I confirm that no materlal matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: Accounting ￿cordS were not kept In respect of the charity as requlred by sectton 130 of the Act,- or The accounts do not accord with tho* records; or The accounts do not comply with the applirable requirements concerning the form and content of account5 set out In the Charltles IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination tts which attention should be drawn In this report in order to enable a proper under5tsnding of the accounts to be ￿aChed. Caroline Brazler SKS Cansdales St Mary's Court The Broadway Old Amersham Bucks HP7 OUT TheWor5hipful Company of 8utchers EducatiLm Charltles

Unaudited Statement of rinancial Activities 5 April 2025 Unrestrirted Restrlrted Funds Funds Permanent Endowment Totsl 2025 Total 2024 Income from: Donation5 and legacles Investments Interest Income Total income 20,￿0 20,0 25,877 20,000 18.777 25,877 46 45,923 45,925 38.777 Expènditure on: Raising funds Charitable aCt￿ltIeS Total expenditure L347 22.648 23.995 1,347 22.648 23,995 5.566 17,749 23.315 Net Income for the year before ijwestment Bains and losses 21328 21J28 15,462 (Losses) Galns on investments 118.oa41 11&004) 63.140 Net lexpendlture) Income and net movenHrt in funds 3,924 3J24 78,602 Fund balan¢e$ brouEht ft>rward at 06104ft024 816.779 1.831 58,880 877,490 798,888 Fund balances carrfed forward at 0510412025 820,703 1.831 58,880 88L414 877A90 None of the charity's acttvities were acquired or perrnanently dlscontlnued during the above two financial period5. The Worshipful Company of Bu¢¢hers Educailon Charities

Unaudited Balano Sheet 5 April 2025 Notes 2025 2024 Flxed a55ets Imiestments 845.194 853,174 Current assets Accrued Income Cash at bank and in hond 24,541 7.712 32,2S3 49,209 49.209 (re￿rtor$. amounts falling due within one year 1119891 Net current assets 36.220 24,316 Nel assets 88L414 877,490 The funds oflhq charlty PeTmanent endowment funds Restricted fund5 Vnrestii¢ted general fttnds 58.880 1.831 820.703 881.414 58,880 L831 816.779 877.490 The accounts on pag to 16 were approved by the trustees and sibmed on their behalf by. Trustee Approved on 202 Theworshlplul Company of Butchers Educatlon Charfttes

Princlpal Accounting Policles 5 April 2025 The princlpal accounttng policies adopted, judgements and key sources of estimation uncertainty in the prepardtion of the aecaunts are laid out below. Basis of Preparation These accounts have been p￿Pared for the year to 5 Aprll 2025 wlth comparatlves presented for the yepr ended 5 April 2024. The accounts have been prepared under the historlcal cost convention wfth items recogni5ed at cost or transaction value unless otherwlse stated in the relevant accounting policies below or the notes to these accounts. The accoLtnts have been prepared in accordance with AcCoun￿ng and Reportlng by Charttses: Statement of Recommended Practtce appllcable to charities preparing their accounts in accordan￿ with the Flnancial Reporttng Standard applirable In the UK and Republlc of Ireland IFRS 1021 (Charities SORP FRS 1021, the Financlal Reporknng Standard applicable in the UK and Republic ot Ireland {FRS 1021 and the charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The acmunts are presented in sterling and are rounded to the nearest pound. Critical Accounting Eslirnates and Areas of Judgement In preparlng the accounts, the trustees and management were not required to make significant judgements and estimates. With regard to the next accounting period, the year ending 5 April 2026 the most significant areas that affèct the carrying value of the asset5 held by the charity are the levd of investment return and the performance of the investment markets. Assessment of Goin8 Concern The trustees have assessed whether the use of the goin8 concern assumption 15 appropriate In preparing these accounts. The trustee5 have made thi5 a55e55ment In respect to a period of one year from the date of approval of these accounts. The trustees of the charity have concluded that there are no materlal uncertaintips related to events or condition5 that may cast significant doubt on the ability of the charity to continLte as Boirbg concern. The trustees are of the opinion that the charity will have sufficlent resource5 to meet its liabilities as they fall due. Donations and Legacle$ Donations are reco8nlsed when re￿1¥able and the amount can be rneasured reliably by the Charity. Legacles are included in the statement of financial activities when there has been a grant of probate. the executors have established that there are sufficient surplus assets in the estats to pay the legacy, and any conditions attached to the legacy are within the ¢ontrol of the charity. The WorshSpful Company of Butchers Education Charitfes io.

Interest and Dividend Income Interest on funds held on deposit Is Included when receivable and the amount e4n be measured reliably by the charity- This Is normally upon notification of the interest paid or payable by the bank. Dividend5 are recognised once the dlvidend has been declared and notification has been ceived of the dividend due. Expenditure Expenditure is recognised once there is a le￿1 or constructive obllgation to make a payment to a third party, it is probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligation can be measured reliably. All expendlture is comprised of direct CQ5ts incurred on ratslng funds or athvities in furtherdnce of the charitable objectives and is accounted for on an accrual basis. Grants payable are included in the ststement of financial activities when approved and when the Intended recipient has either received the funds or been informed of the decislon to make the grant and has satisfied all performance condltions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance condittons before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts. Inveslments Investments are a form of baslc financial instrument and are Inltially recognlsed at their transartion value and subsequently measured at their falr value as at the balance sheet date using the closing quoted market prlce. Realised and unrealised gains lor losses) are credlted lor debitedl to the statement of frnanclal activI￿e5 in the year In whlch they arise. The Trustees have adopted a total return approach to Investment and spendinE as permitted under the Trusts capital and Income att 2013 and the Charity Commission regulations associated with it. This was approved by the Trustees in 2020121 and brought into effert from 06/Q412021 using the average value of the endowment over the previous five years a5 a base point. Debtors Debtors are recognised at their settlement amount, less any provision for non-recoverabllity. Prepayments are valued at the amount prepaid. Cash at Bankand In Hand Cash at bank and in hand represents such accounts and Instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Creditors and Provlsions Creditors and provisions are recognised when there Is an obllgatlon at the balance Sheet date as a result of a past event, It 15 probable that a transfer of economic benefft will be ￿qUired in settlement. and the amount of the settlement can be estimated reliably. Creditors and provisions are recognlsed at the amount the charity 3nticlpate5 It will pay to settle the debt The Worshlpful Cornparly of Butrher5 Edutation Charltles ii.

Fund5 Endowment funds comprise monies which must be held as caprtal. Permanent endowment funds rnust be permanently retained by the trustees and cannot normally be spent as if they were income. Where the trustees have a power of discretion to convert endowed capital into income, the fund is known a5 an expendable endowment. Income arising from endowment funds is credlted to Eeneral funds and applied for general purposes. Restricted funds comprise monies raised for, or which have their use restricted to, a specific purpose, or contributions Subject to donor-imposed conditions. Unrestrlcted funds represent those monies which are freely available for application towards chievlng any charitable purpose that falls within the tharity's charitable objects. Theworshlpftsl Company of Butchers Education Charltles

Unaudited Note5 to the Accounts 5 April 2025 l. Donatfons and Legacies 2025 2024 Donations 20,000 20000 2. Investment In¢ome 2024 Investment Income 25,877 18,777 3. Expendlture on Raislng Funds Expendlture on raislng funds comprlses investment management fees and custody fees both of which are whlch are charged tu unrestricted funds. 4. Charltable ActivitTes 2025 2024 HarperAdams University Meat Tralning 8ur5aries Instltute of Meat Prlze Glvln8 Liveryschools knnk 6ary BakerAward Prize 8.301 9A27 5,100 250 I,￿0 15.777 1.972 17,749 125 LOOO 9,426 13,222 Support Cost I charttable empendlture is unrestricted there is no expenditure of restricted funds. (2024: £Nill. The charity is administsred on a pro bono basls by The Worshipful Company of Butchers. No remuneration or expenses is payable to trustee& Support costs Include the independent examiner s accrual of £2,22012024: £1,750). The Kijrshlpful Company of Butchers EducatEon Charttlès 13.

1. Investments 2025 20Z4 At market value: As at 6 Aprll 2024 Addltions Disposal Proceeds Net (Ios5e5l/gains on disposal and revaluation of Investments Movement in cash As at 5 Aprll 2025 853,174 795.457 874,744 80F19 1815,9701 175,5931 167,7371 63,140 983 110,6491 855.174 845,194 Market Value 2025 Market Value 2024 Portfollo Structu Fixed Interest UK Equitle5 129,787 109,37D 89.242 138,623 E 11 International Equltles Property ternatives Cash 481,158 26,024 34,643 64.212 845,194 495,154 38,691 84,049 7,415 853,174 As at 5 April 2025
2. Debtors 2025 2024 Accrued Income Quarter 4 Olvldend Income 20,000 4,541 24,541

3. Creditors Amounts falllng due withln one year 2025 2024 Accruals AuditAccrual 10,759 2.230 I2￿89 6.177 1,760 7,937 The Worshipfulcompary of BUt£he￿ Edu￿￿On Chartties 14.

4. Expendable Endowment Fund Trusrfor Investment Unapplièd Totsl Totsl Return Endowment As at6 Aprll 2024 Glft Component Movements In Year Investment Return-Dividend Investment Return-Realised and unrealised gains and lossÈs Less Expenditure As at 5 April 2025 50.000 8,880 58,880 50.ODO 8,880 ,880 The Gary Baker Memorial Fund arose from a donation received in February 2007 from the trustees of the Gary Baker Trust. The fund is an expendable end0￿ent although the trustee5 have no plans to spend any of the capital. Income arising from the fund is avallable for the general purposes of the charity, with a provision up to £1,000 being earmarked for a special bursary each year, with the winner being nomlnated by the Harper Adams University through the facilitation of Llveryman Bob Bansback and approved by the Court and the Baker Family. The Gary Baker Memorial Fund is held withln the Investment portfolio and galns and losses on the portfolio are apportioned to the fund on a pro-rate basis based on the proportion of the total holding eath year.

5. Restrlcted Funds 6 Aprll Expenditure 2023 6 Aprll Expendlture 2024 5 Apiil 2025 FJ Mallion Fund 1.831 1,831 1,831 The FJ Mallion Fund Is represerrted by assets held as cash. The Fund Is used to purchase books for the library. There has been no expenditure for the last two year5. The Worshlpful Company tsf 8utcher5 Edutation Chariknes 15.

6. Statement of Funds 2025 Endowmen Gary Baker Memorlal Fund Unrestricted Restrlcted: FJ. Malllon Totsl Balancè at 6 April 2023 Investment Growth Drvidend Income 53,934 4.583 1,363 743,123 58,557 17.414 1,831 798.888 63,140 E 'l':I Other Income Spend Balance at 5 April 2024 Investment (Lossl Dividend Income Other Inc(Jme Spend Balence at 5 April 2025 18,777 20.000 {23,3151 877,49G 118,0041 25.877 20,046 123,9951 881,414 20,OOD 122,3151 816,rn 118,C#)41 25,877 20 123.9951 820,703 ii.ouoi 58,880 IA31 S8,880 1.831

7. Staff Costs The average number of persons employed by the charity during the year was nil12024- nlll. There were no employee5 whose total employee benelits (excluding pension costs) exceeded £60.00012024- nill.
8. Trustee< Remunertion and Beneffts There were no trustees, rèmuneration, benefits In kind or expenses for the year ended S Aprll 2025 (2024- nll).
9. Related Party Dlsclosure The Charity received no charitable donations from Court members In the year {2024-£nlll. The Worshlpful Comparw of Butthers Educadon Charities 16.